{ August 13th, 2010 }
Buying A Million Dollar House In The Heards Ferry Elementary School District?
Heards Ferry Elementary School serves a very pleasant swath of Sandy Springs. It’s a highly regarded school, and the neighborhood- to anyone who has spent just a cursory amount of time there- is quite lovely. For the sake of this exercise, let’s make things even lovlier by reviewing the higher-end of the market: $1,000,000+ homes.
Homes selling for $999,000+ in the Heards Ferry Elementary School district:
119 Homes Currently For Sale
33 Homes Have Sold in 2010
Crunching the raw numbers, 33 home sales in eight months breaks down to just over four home sales per month, which means that at the current rate of sales, there’s a housing supply of just under 29 months. This means that it would take 29 months- two and a half years- for all of these homes to sell (“normal” is considered six months). And that’s if no additional homes are put on the market during that time! Granted, it’s a pretty diverse set of homes (ranging in price from $999,000 to $12,000,000) that will attract an equally diverse pool of buyers, but still…
Takeaways:
1. If you’re one of the 119 sellers, are you willing to wait until February of 2013 to sell your house? Regardless of where you live- and what you live in- the residential real estate market as we know it in August of 2010 rewards sellers that acknowledge the reality of over-supply (and under-demand). If you’re planning on selling your home, take the advice of your Realtor and price it to sell.
2. I realize that Takeaway #1 is easier said then done. Nobody likes taking a loss. However, as I pointed out in my recent “Real Estate Double Down” post, there’s a huge opportunity for sellers willing to take a loss on the home that they’re selling for the next home that they plan on buying.
3. If you’re considering either Takeaway #1 or Takeaway #2, I’m just a phone call away.
